QR stands for quick response. A QR code is a two-dimensional black and white code containing information that can be scanned using a smartphone to access information or make payments. They are similar to bar codes; however, unlike them, they can hold incredibly-large amounts of information per unit.
When was the QR Code Invented?
QR codes were invented in the 1990s by a Japanese company called Denso Wave. At first, they were envisioned to be used in the automotive industry for production, tracking, and shipping. However, as time went by, companies realised their importance and started using them for product identification and marketing.
QR codes play a crucial role across sectors in certain countries like China and have completely replaced cash with mobile payment services. They don’t require any specific hardware and don’t come with any overhead costs attached, making them the go-to payment solution for small and large businesses alike, as customers can simply pay with QR code.
How Does a QR Code Work?
Unlike barcodes which can only be scanned on paper, a QR code can be scanned both on paper and screen. It’s the primary reason they are all set to replace barcodes entirely in the future.
The way a QR code works is incredibly simple:
- You need a barcode scanner with the capability of scanning QR codes
- A tablet or smartphone that has an inbuilt camera to scan that QR code
These days, multiple types of scanning apps are available that are specifically designed to scan QR codes. A user can simply point their phone’s camera towards the QR code, and it will immediately identify it to initiate the transaction. Moreover, you can even use QR codes to make bank account transfers apart from making day-to-day payments for goods and services. It is easier now to get qr code generator free.
Types of QR Codes
1. Static QR Codes
In a static QR code, the destination URL of a website is placed within it. These QR codes are non-editable and can’t be tracked. They enable quick payments across the delivery service, in-home service, in-store retails and the taxi industry, among others. A user can simply scan and pay.
2. Dynamic QR Code
Unlike a static QR code, a dynamic QR code is editable and features additional options such as access management, password protection, scan analysis and device-based redirection. Moreover, with this type of code, a business can find out the number of people who scanned the code, the type of device used, and the scanner’s location, which can further the business intelligence demands of an establishment.
Benefits of Using QR Codes
QR codes offer a range of benefits over traditional POS machines and other payment modes. Let’s look at a few of the benefits of a QR code!
Instant Payments
Unlike other payment methods, QR codes allow for instant payments. The ease with which QR codes can be printed off a standard printer gives them an edge over other means of accepting online payments since they come with overheard costs attached. A merchant can simply stick the code on a wall, and the user scans that code to make an instant payment to the merchant’s bank account.
Comes with Exceptional Security
A QR code is nothing more than a tool to exchange information; therefore, all data transmitted is encrypted, making it a highly secure payment mode.
Easy Setup
There is no need for additional infrastructure to set up a QR code, and neither is there any requirement for a POS payment to accept payments. The user can scan the code from a piece of paper from the merchant’s mobile screen.
They are Reliable
QR codes are highly reliable as there are fewer chances of an error. The pattern of a QR code contains unique data that helps enhance the overall reliability when making payments.
A QR code is a small business owner’s best friend as it is cost-effective, simple and facilitates instant payments. Therefore, if you are still not using QR codes to accept online payments, it’s high time you do so!
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